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StanChart to buy Morgan Stanley's India wealth unit

StanChart is expected to pay an $8 million advance upfront. The rest of the undisclosed deal sum will be paid later.

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Leading international bank Standard Chartered (StanChart) has agreed to buy Morgan Stanley’s Indian wealth management unit which has about $800 million of assets under management. The value of the deal has not been disclosed.

StanChart is expected to pay an $8 million advance upfront. The rest of the undisclosed deal sum will be paid later.

“Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India,” said a Morgan Stanley spokesperson in a statement.

The wealth management unit offers investment advisory services in equities, fixed income and private equity. The deal is the result of Morgan Stanley’s strategic review of its onshore wealth management platform in India.

StanChart said the acquisition would complement and augment its existing private banking onshore business in India.

The wealth management unit, which began operations in 2008 accounted for less than 2% of Morgan Stanley’s India revenues in 2012 . The bank has around 400 employees in India.

According to experts, global economic slowdown has taken a toll on the wealth management business the world over.

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